GEEPA: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
GEEPA
Largest movements
- Receivables within one year -€15,024
down €15,024 (-50.9%), from €29,532 to €14,509
of which Trade receivables: -€23,669
- Cash +€14,413
up €14,413 (+144.8%), from €9,954 to €24,367
mainly Depreciation (+€15,469) and Receivables within one year (+€15,024)
- Tangible fixed assets -€7,873
down €7,873 (-9.2%), from €85,672 to €77,799
of which Furniture and vehicles: -€10,249
- Formation expenses +€3,251
new in 2025: €3,251
- Deferred charges and accrued income +€3,077
up €3,077 (+113.6%), from €2,709 to €5,786
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin +€2,426
up €2,426 (+15.9%), from €15,251 to €17,677
- Depreciation +€1,709
up €1,709 (+12.4%), from €13,760 to €15,469
- Financial charges +€959
up €959 (+1666.2%), from €58 to €1,016
- Taxes +€204
up €204 (+21.5%), from €949 to €1,152
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €127,867 | €127,268 | -€600 | -0.5% |
| Formation expenses | 20 | - | €3,251 | +€3,251 | |
| Fixed assets | 21/28 | €85,672 | €78,296 | -€7,376 | -8.6% |
| Intangible fixed assets | 21 | - | €497 | +€497 | |
| Tangible fixed assets | 22/27 | €85,672 | €77,799 | -€7,873 | -9.2% |
| Plant, machinery and equipment | 23 | €5,395 | €7,772 | +€2,377 | +44.0% |
| Furniture and vehicles | 24 | €80,277 | €70,027 | -€10,249 | -12.8% |
| Current assets | 29/58 | €42,195 | €45,721 | +€3,526 | +8.4% |
| Stocks and contracts in progress | 3 | - | €1,059 | +€1,059 | |
| Contracts in progress | 37 | - | €1,059 | +€1,059 | |
| Amounts receivable within one year | 40/41 | €29,532 | €14,509 | -€15,024 | -50.9% |
| Trade receivables | 40 | €27,304 | €3,635 | -€23,669 | -86.7% |
| Other amounts receivable | 41 | €2,228 | €10,873 | +€8,645 | +388.1% |
| Cash at bank and in hand | 54/58 | €9,954 | €24,367 | +€14,413 | +144.8% |
| Deferred charges and accrued income | 490/1 | €2,709 | €5,786 | +€3,077 | +113.6% |
| Total equity and liabilities | 10/49 | €127,867 | €127,268 | -€600 | -0.5% |
| Equity | 10/15 | €2,473 | €1,665 | -€809 | -32.7% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €283 | €283 | = | 0.0% |
| Distributable reserves | 133 | €283 | €283 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€310 | -€1,119 | -€809 | -261.2% |
| Amounts payable | 17/49 | €125,394 | €125,603 | +€209 | +0.2% |
| Amounts payable after more than one year | 17 | €120,000 | €120,000 | = | 0.0% |
| Financial debts | 170/4 | €120,000 | €120,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €5,394 | €5,603 | +€209 | +3.9% |
| Trade debts | 44 | €1,035 | €1,502 | +€467 | +45.2% |
| Suppliers | 440/4 | €1,035 | €1,502 | +€467 | +45.2% |
| Taxes, remuneration and social security | 45 | €4,359 | €4,101 | -€258 | -5.9% |
| Taxes | 450/3 | €2,359 | €2,101 | -€258 | -10.9% |
| Remuneration and social security | 454/9 | €2,000 | €2,000 | = | 0.0% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,760 | €15,469 | +€1,709 | +12.4% |
| Other operating charges | 640/8 | €975 | €1,022 | +€47 | +4.8% |
| Gross operating margin | 9900 | €15,251 | €17,677 | +€2,426 | +15.9% |
| Operating profit (loss) | 9901 | €516 | €1,186 | +€670 | +129.8% |
| Financial income | 75/76B | €181 | €174 | -€7 | -3.6% |
| Recurring financial income | 75 | €181 | €174 | -€7 | -3.6% |
| Financial charges | 65/66B | €58 | €1,016 | +€959 | +1666.2% |
| Recurring financial charges | 65 | €58 | €1,016 | +€959 | +1666.2% |
| Profit (loss) for the period before taxes | 9903 | €639 | €344 | -€295 | -46.2% |
| Income taxes | 67/77 | €949 | €1,152 | +€204 | +21.5% |
| Profit (loss) for the period | 9904 | -€310 | -€809 | -€499 | -161.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€310 | -€809 | -€499 | -161.2% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.